Forex Today – Asian Session: Focus Remains on Sentiment

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Things to watch out for on Friday, January 20:

The US dollar lost some ground on Thursday as the dovish mood in financial markets eased as the day progressed. However, most European and US indices closed lower as hawkish comments from the functionaries of the ECB and the Reserve US Federal. they suggested that central banks are far from done with quantitative tightening.

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On Thursday, Klaas Knot, a member of the European Central Bank’s Governing Council, said there would be more than a 50 basis point (bp) increase in interest rates, adding that market participants may be underestimating the ECB’s commitment. to tame prices. Later, President Christine Lagarde, noted that the central bank will stay the course of rate hikes, adding that the job market in Europe has never been more vibrant than now. And what is more relevant, he affirmed that inflation expectations are not being unanchored. The EUR/USD pair continued to hover around 1.0800 and ended the day at 1.0820.

The GBP/USD pair gained upward traction before the daily close and approached the 1.2400 figure, AUD/USD retraced the 0.6900 level after falling to 0.6871 as poor Australian jobs and inflation figures weighed on the AUD. USD/CAD has pulled back and is trading around 1.3450. Finally, USD/JPY spent the day consolidating around 128.50.

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Gold soared in a risk-off environment, with the shiny metal trading around $1,930 a troy ounce. Crude oil rallied and WTI stood at $80.65 a barrel.

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Source: Fx Street

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